BRICS development bank may be created in 2015

In March, the leaders of the BRICS countries made a policy decision on the establishment of the Development Bank

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WASHINGTON, April 18 (Itar-Tass) – The Development Bank of the BRICS group (Brazil, Russia, India, China, South Africa) may be created in 2015, RF Deputy Finance Minister Sergei Storchak said in an interview with Russian journalists in Washington.

Storchak recalled the experience of the creation of the Eurasian Development Bank. According to him, “from the moment the states’ leaders made the decision on the creation of this structure to the first project some 1.5 years passed.” The deputy minister also stressed that “the decision of the Bank of BRICS has been made just now,” that is, during the March summit in South Africa.

Answering a question whether it means that the Development Bank of the BRICS may be created in 2015, Storchak said: “I think so.”

The deputy finance minister said that “in all countries this decision will pass the ratification procedure.” According to him, “it is necessary to get budget allocations and support from the parliament.” Storchak also said that the fact that “we have a clear-cut political decision of the leaders” is very important.

In March, the leaders of the BRICS countries made a policy decision on the establishment of the Development Bank. Its detailed parameters, including the size of contributions to the initial capital and the place of its headquarters, are expected to be determined later. The final declaration of the summit said that the initial payment should be sufficient for the effective financing of infrastructure projects.